For more information and a no obligation quote please click here.
What do you need?
Working for yourself is a rewarding experience in more ways than merely financial
but being in business carries certain obligations and responsibilities - legal
ones. Some important factors to consider:
Professional Indemnity
In the course of providing professional services you will be delivering solutions
and or advice that is relied upon by others – in particular your clients.
Mistakes, though rare, can be costly. Claims can occur where a client suffers
a financial loss as a result of alleged mistakes or omissions on your part.
You may even be sued by a client who is merely dissatisfied, but has no valid
claim, leading to substantial legal costs and time away from contracts
Professional indemnity insurance provides financial protection for your company and is designed to meet the cost of defending claims made against you, including damages that may become payable.
Increasingly you will find that many client’s are insisting upon receiving evidence that the business they award a contract to has professional indemnity insurance. Holding such a policy indicates a professional approach to what you do.
Public Liability
This type of policy will protect you against your legal liability where you
accidentally cause damage or loss to someone else's property. Also, if you
accidentally cause injury to someone whilst working at a clients premises.
Employers Liability
This insurance is arranged to protect employers against claims for injury
or illness brought by employees. Employers' Liability (Compulsory Insurance)
Act 1998 requires that employers maintain cover to a minimum of £5,000,000
in respect of such claims. Many small businesses don't take out this type
of policy (since it would involve an individual claiming against their own
Limited Company) - but it is a statutory requirement all the same.
Equipment Cover
You should be looking to cover the replacement costs (and subsequent disruption
compensation) of the loss of your business assets such as computers, faxes,
printers, books, desks, telephones, etc. Many liability policies allow for
this to be added cheaply and can be all arranged as 'all risks' (loss, accidental
damage and theft).
If IR35 is of concern to you then it is also useful in demonstrating to the authorities e.g.the Inland Revenue, that you are professionally protecting your business viability going forward.
Legal Expenses
You are continually exposed to new regulations and legislation. Up to now
the fear of taking legal action to defend or pursue your rights and the heavy
costs involved are a deterrent. Failure to do so can be equally, if not more
costly and disastrous.
A Legal Expenses Policy may be the answer.
Legal Defence
Provides legal costs and expenses for defence and appeals in respect of civil
and criminal proceedings for both you and your employees.
Data Protection
Provides legal costs and expenses for representation and defence proceedings
brought under the Data Protection Act.
TAX, PAYE & VAT Protection
Provides legal costs, expenses and accountants fees to represent you in an
in-depth investigation by the Inland Revenue or Her Majesty's Customs and
Excise.
Employment Disputes
Provides legal costs and expenses in defending civil or criminal proceedings
and appeals for companies with more than 1 employee.
Property, Licence Protection, Bodily Injury
& Attendance Expenses
Can also be covered under the Policy.
How much do these policies cost & how can
I find out more?
Policies can be far less expensive than you may think, although the final
cost will depend on your individual circumstances.
For more information and a no obligation quote please click here.
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